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Sindh Chief Minister Syed Qaim Ali Shah has said that National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) have no jurisdiction to conduct raids in Sindh. "It is an invasion and we are going to challenge it, he said." This he stated while talking to media in a FPCCI programme at FPCCI building on Monday.

The Sindh High Court on Monday questioned the maintainability of a petition challenging the validity of the NAB Ordinance, 1999 under which the NAB authorities are prosecuting, investigating and filing references against the employees belonging to the provincial service.
Addressing Sindh Chief Minister Syed Qaim Ali Shah, Interior Minister Chaudhry Nisar Ali Khan said that the powers given to Federal Investigation Agency (FIA) under the Protection of Pakistan law are not only Sindh specific. The basic purpose of granting powers to FIA is to enable the agency to investigate such crimes of international and inter-provincial nature that are not within the jurisdiction of police of any province, he added. Nisar said the government respects provincial autonomy and no province should have reservations about this.
Pakistan and India will start the process of joining a security bloc led by China and Russia at a summit in Russia later this week, a senior Chinese diplomat said on Monday, the first time the grouping has expanded since it was set up in 2001. The Shanghai Co-operation Organisation (SCO) groups China, Russia and the former Soviet republics of Tajikistan, Uzbekistan, Kazakhstan and Kyrgyzstan, while India, Pakistan, Iran, Afghanistan and Mongolia are observers.
Chinese President Xi Jinping, Russian President Vladimir Putin and other leaders will discuss the threat the Islamic State group poses in Afghanistan at a Eurasian security summit in Russia this week, a Chinese official said Monday. Xi travels to the Russian city of Ufa for a summit on Thursday and Friday of leaders of the Shanghai Co-operation Organisation (SCO), which groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. It will be preceded by a meeting of leaders of the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa.
The Federal Board of Revenue (FBR) has accepted banks' request to deposit the payment of advance tax deducted under section 236P of Income Tax Ordinance 2001 by July 31, 2015. According to sources, after the insertion of section 236P in Income Tax Ordinance 2001, the financial institutions are required to collect advance adjustable tax from a non-filer at the time of sale of any instrument, including demand draft, pay order, special deposit receipt, cash deposit receipt, short term deposit receipt, call deposit receipt, rupee traveller's cheque or any other instrument of such nature from July 1, 2015 at the rate of 0.6 per cent.
Finance Minister Ishaq Dar has directed Chairman Wapda to constitute a team that could re-engage with Islamic Development Bank and Exim Bank China to solicit funding for Neelum Jhelum Hydropower Project (NJHP). Sources said a meeting was also held on financing requirement for the project in May 2015 in which Finance Minister was briefed by the senior officials of Wapda who revealed that so far Rs 136 billion has been spent on the project.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln